5 Ways Hospitals Can Improve Financial Operations with Openfloat

In the high-stakes world of healthcare, hospitals juggle rising operational costs, unpredictable emergencies, and strict requirements, all while prioritizing patient care. In these pressures, financial efficiency is no longer optional; it's a necessity.  

Petty cash and operational disbursements. 

Whether it is routine maintenance or urgent staff reimbursements, hospitals rely on small, frequent payments to keep operations running smoothly. However, when these processes are hindered by manual approvals, cash boxes, and paper receipts, the cost to the organization accumulates, not just financially but also in terms of lost time, reduced visibility, and increased audit risk. 

That's where Openfloat comes in, a digital petty cash platform designed to give hospitals control, visibility, and speed across their financial operations.  

Here are five powerful ways hospitals can improve financial operations with Openfloat: 

1. Eliminate Manual Cash Handling 

Hospitals still relying on cash boxes or Excel-based systems expose themselves to risk, error, and inefficiency. With Openfloat, all petty cash transactions are digital, traceable, and auditable. All payments are sent via mobile money, Paybill, Bank Transfer, or Till Number; no more physical cash or handwritten logs. 

What this means: 

• No missing receipts 

• Reduced fraud risk 

• Clear, real-time records for every transaction 

Whether it's KSh 5,000 for a laboratory reagent or KSh 3,000 for emergency generator fuel, the entire payment lifecycle, from request to reconciliation, is trackable from one secure dashboard. 

2. Streamline Departmental Budgeting 

Hospital departments, such as Pharmacy, Emergency, Radiology, and Maintenance, have unique petty cash needs. Openfloat enables finance teams to assign budgets to each department and track usage in real time. 

Key benefits: 

• Set monthly petty cash limits by department 

• Get alerts when departments near budget thresholds 

• Avoid overspending and improve financial discipline 

This visibility empowers department heads to plan more effectively and allows CFOs to forecast with greater accuracy. 

3. Accelerate Approvals 

Approvals in hospitals can be slow, especially outside working hours. But emergency needs don't follow office hours. Openfloat enables role-based, multi-level digital approvals that are customizable by amount or staff designation. 

Result: 

• No delays in care 

• Fast, compliant, and documented approvals 

• Less back-and-forth between departments and finance 

4. Automate Reconciliations 

Audits can be nightmares if petty cash is tracked manually. With Openfloat, digital receipt attachment is built into every transaction. Receipts can be uploaded from mobile devices, saving hours of reconciliation work. 

Finance teams get: 

• A clean audit trail 

• Downloadable reports for compliance reviews 

• Reduced risk of errors or misreporting 

Openfloat turns audit preparation from a chaotic scramble into a one-click process. 

5. Data-Driven Decision Making 

Openfloat doesn't just process payments. It generates insights. Hospitals can analyse trends in petty cash, identify high-usage departments, track seasonal spending spikes, and monitor recurring vendor payments. 

Use this data to: 

• Identify cost-saving opportunities 

• Reallocate budgets more effectively 

• Create custom reports for board reviews 

When finance teams have this level of visibility, they can transition from a reactive to a proactive approach, helping leadership make smarter, faster decisions. 

Openfloat gives hospitals what spreadsheets and cash books could never: speed, control, and insight. By digitizing operational disbursements, you free your finance team to focus on what matters: optimizing budgets and planning strategically. 

It's time to move beyond outdated systems and adopt a more effective way to manage hospital expenses. Ready to see how Openfloat can streamline your hospital's financial operations? Request a Demo and discover the more innovative way to manage petty cash today.